This term is the term used in the Eminem song "My Mom". The definition for this term means you are huffin' ether (cocaine) and puffin' reefer (marijuana).
Bob: Hey Jim didn't see you last night what happened?
Jim: OOOOOOOOOH! Last night I did some coke and weed.
Bob:So you where Huffin' and Puffin'!?!
Jim: Yaaaaa.
noun - A person of color who is frequently blowing smoke up the rear ends of the general populous in an effort to garner their empathy or support;
verb - Sending up a verbal smoke-screen in an effort to obscure the actual intent behind one's actions
"Barack Obama's been Cocoa Puffin about this whole health care thing since day one."
Dude #1- "So I guess Sammy Sosa out-and-out denied utilizing performance enhancing steroids in his quest to beat Roger Maris's home run record. Can you believe it?"
Dude #2- "I don't buy it. He's such a Cocoa Puffin!"